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PHL gov’t debts up 3.9% to P5 trillion in 2016

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MANILA — Philippines' general government liabilities rose to P5.016 trillion in 2016, up 3.9 percent from P4.829 trillion in 2015.

 

The Bureau of Treasury (BTr) attributed the hike to issuance of more debt securities, depreciation of the peso and drop in the bond sinking fund (BSF).

 

BTr on Thursday traced the increase to the 3.8 percent uptick in the consolidated national government debt, less BSF- from end-2015’s P5.256 trillion to P5.456 trillion in 2016.

 

”This was brought about by the net issuance of domestic securities (gross borrowings less redemption); the year-on-year peso depreciation; as well as the decline in BSF holdings,” the statement said.

 

During the same period, liabilities of local government units (LGUs) went up 13 percent to P 86 billion from P76.1 billion in end-2015.

 

“The increase in borrowings was utilized for financing public services and economic enterprises,” the BTr said.

 

Intrasector debt holdings totaled to P526 billion last year, 4.5 percent higher than the previous year's P503.2 billion.

 

Government security holdings of social security agencies increased by P 19.5 billion last year while LGU loans held by the Municipal Development Fund Office (MDFO) grew by P 3.4 billion.

 

BTr, however, pointed out that amid these increases, proportion of the GG to gross domestic product (GPD) sustained its improvement to 34.6 percent last year as against the 36.2 percent in 2015 “on the back of careful cash and debt management as well as sturdy economic growth.”

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